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U.S. Onshore Rig Count Down 600 From Year Ago

U.S. operators dumped 75 land rigs for the week ending March 6 (Friday), including 64 drilling for oil and 12 for natural gas, bringing total losses year/year to 600, Baker Hughes Inc. reported.

The domestic rig count totaled 1,192, versus 1,792 a year ago. Of the total, 922 oil rigs were working the U.S. onshore, versus 1,443 in the year-ago period. The gas rig count totaled 268 for the week, compared with a year ago when 345 were in operation.

North America's total rig count fell by 105 for the seven-day period to 1,492, and down from 2,379 a year ago. The U.S. land rig count totaled 1,133, 586 fewer than last year. Forty-nine rigs were working in the Gulf of Mexico, versus 53 last year.

Canada drillers dropped 30 land rigs for the week. A year ago Canada had 587 rigs working, but as of Friday there were 300, equally split between oil and gas.

Most of the rigs dropped in the last week were horizontals, off 51 to 895 from 1,202 a year ago. The vertical rig count fell by 17 to 177, versus 392 last year. Seven directional rigs also were dropped and the count is down by 78 year/year.

By far, Texas took the brunt of the lost rigs in the latest week, which has been the case in the country's busiest operating area. The state lost 32 rigs to bring the total to 538, versus 864 rigs working a year ago.

Permian Basin operators dropped 22 rigs to bring the total for the week to 333 versus 506 last year. The second biggest loss was in the Eagle Ford Shale, where eight rigs were cut to 149 from 222 a year ago. Five rigs also were dropped in the Denver-Julesburg Basin, bringing its weekly total to 34 from 54 last year. Three rigs were cut in both the Williston Basin and Mississippian Lime formation.

Oklahoma's count has fallen to 139 from 182 a year ago, while New Mexico lost seven rigs for the week, with 61 now in operation versus 81 last year. Pennsylvania's rig count stood at 47, down seven for the week and off from 53 last year. Colorado dropped five rigs to bring its total to 39, versus 61 a year ago.

Baker also reported that North America's February rig count was 1,711, down 340 from January, with 1,656 land rigs in operation. In February 2014, 2,395 rigs were working in the United States and Canada, including 2,339 land rigs.

The U.S. rig count fell by 335 from January to 1,348, which is down 421 year/year. Canada had 363 rigs in operation last month, all but three on land, and down five from January.

The worldwide rig count for February was 2,986, down 323 from January and down 750 from a year earlier.

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